Since no one has posted this,it deserves to go to the Head of the class.
"Company Generates Net Income of $1.3M on $22.1M of Sales for Quarter Ended June 30, 2009
SPRINGDALE, Ark., July 28, 2009 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (Nasdaq:AERT), a leading plastic recycler and manufacturer of Green building products, announced today that sales for the quarter ended June 30, 2009 were $22.1 million, compared to $25.1 million for the quarter ended June 30, 2008, resulting in positive net income of $1.3 million or $0.03 per share, compared to a net loss of $7.7 million or <$0.16> per share for the same period a year ago.
Gross margin improved 19.4 percentage points from 4% of sales for the second quarter of 2008 to 23.4% this year. While cost cutting and restructuring measures taken in 2008 had a favorable impact on margins, the company has continued to focus on improving efficiencies, expanding distribution and customer base, and updating its product mix with new products. During this difficult period the company, with the full support of Allstate Investments, has continued construction on its Watts, Oklahoma plastic recycling facility which is scheduled to start up later this year. Additional efficiencies are anticipated when this facility comes online.
SG&A costs were reduced by $2.7 million or 48%. The company recorded operating income of $2.2 million for the quarter, an improvement of $6.9 million from a $4.7 million operating loss in the second quarter of 2008.
Commenting on the results, Joe Brooks, CEO of AERT noted, ``A key goal for 2009 is to reduce AERT's overall cost structure and operating costs while maintaining our ability to react to the increase in market opportunities and resulting consumer demands that will inevitably occur. Although overall sales are down, we believe our associates are continuing to gain market share during this difficult period."
Mr. Brooks continued, "Our AERT associates have achieved significant cost reductions while initiating the launch of innovative new products which showcase the true value of Green. AERT President, Tim Morrison and CFO, Brian Hanna are working hard and doing an exceptional job with our AERT team under a process of continual improvement."
"AERT has confidence in the ability of the American public and the economy to recover and grow with remodeling being one of the initial sectors to lead the way. Accordingly, AERT associates continue to fight on and move forward with the support of our lenders, suppliers, and customers in bringing our next generation products to commercial fruition at our Springdale manufacturing hub and at our new Watts facility which will be commissioned later this year," he concluded.
AERT's second quarter conference call is scheduled for Tuesday, July 28th at 4:00 EST/3:00 CDT. To join the call, please dial 800-263-8506. Web access to the conference call can be found at http://www.aertinc.com/investor.asp."
Market Data 
Markets 
AI
